2479 S Broadway
Mixed Use | 5.76% CAP | 6,000 SqFt
Marketing description
Marcus & Millichap is pleased to present 2479 S Broadway, a newly constructed, mixed-use multifamily asset located along one of Denver's most dynamic infill corridors. The property consists of 10 residential units and approximately 1,000 square feet of ground-floor retail and is being offered prior to certificate of occupancy, with delivery projected in 4 to 6 months.
This offering presents a rare opportunity to acquire brand-new product at a basis established before stabilization. Investors have the ability to step into the asset during the final stages of construction, with flexibility to close prior to or at certificate of occupancy, while influencing lease-up execution and retail tenanting strategy. In a market where most new construction trades only after full delivery and stabilization, this timing creates a differentiated entry point.
At a list price of $2,500,000, or $250,000 per unit and $373 per square foot, the asset is priced below recent new construction comparables, which average approximately $288,000 per unit and $493 per square foot. This pricing dynamic provides a favorable basis relative to replacement cost, particularly given the continued rise in construction costs and barriers to new development in infill locations.
The property's position along South Broadway offers immediate access to one of Denver's most established retail and dining corridors, with strong connectivity to Downtown, the University of Denver, and the I-25 employment corridor. The surrounding submarket is defined by limited developable sites, fragmented ownership, and increasing difficulty in delivering new product at competitive economics, supporting long-term rent growth and asset appreciation.
From an operational standpoint, the asset benefits from modern construction and an efficient unit mix of one-bedroom residences averaging approximately 600 square feet. The streamlined design supports ease of management, while new building systems and limited near-term capital requirements allow ownership to focus on lease-up and cash flow rather than renovation execution.
2479 S Broadway represents an opportunity to acquire a newly constructed, mixed-use asset at a compelling basis, with embedded upside through lease-up, conservative residential rent assumptions, and below-market retail underwriting.
Investment highlights
- BASIS ESTABLISHED AHEAD OF STABILIZATION (PRE-CERTIFICATE OF OCCUPANCY) - The opportunity to acquire the asset prior to certificate of occupancy allows investors to lock in pricing before lease-up is complete. This creates a path to capture value through stabilization rather than competing for a fully marketed, stabilized asset.
- COMPELLING ENTRY POINT RELATIVE TO REPLACEMENT COST AND COMPS - At $250,000 per unit and $373 per square foot, the offering is priced below recent new construction sales, providing a favorable basis for a 2026-vintage asset in a high-demand infill location.
- HIGH-BARRIER INFILL LOCATION ALONG SOUTH BROADWAY - South Broadway continues to attract residential and retail demand driven by its walkability, connectivity, and established amenity base. Limited available sites and rising development costs restrict future supply. The property sits along one of Denver's most walkable retail and dining corridors, with direct connectivity to Downtown, DU, and the broader I-25 employment corridor.
- NEW CONSTRUCTION WITH EFFICIENT OPERATIONS - Modern systems and design support lower operating expenses and minimal capital expenditure needs. Underwritten expenses of approximately 29% of effective gross income position the asset for strong net operating margins.
- TARGETED SCALE FOR PRIVATE CAPITAL - The 10-unit size offers accessibility to a broad buyer pool, including 1031 exchange investors and family offices, while avoiding direct competition with larger institutional assets currently facing lease-up challenges. The streamlined unit count also simplifies management and reduces operational complexity relative to larger properties.
- ALIGNMENT WITH DENVER'S CORE RENTER DEMOGRAPHIC - The one-bedroom unit mix targets Denver's deepest renter pool. Pro forma rents are positioned conservatively relative to competing assets, supporting achievable lease-up with potential for future rent growth.
- RETAIL COMPONENT PROVIDING ADDITIONAL UPSIDE - The ground-floor retail space is currently underwritten below prevailing corridor rents, creating an opportunity for income growth through lease-up or tenant repositioning, while enhancing the overall mixed-use profile of the asset.
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